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USDJPY Technical Levels - 22.03.2017
USDJPY currently trading at 111.54 and drops 4 moths lows at 111.40. On the charts we see strong support by weekly cloud at 111.27, break below required for further weakness.
Technically, USDJPY next immediate support below at 111.27 and 111 levels. Upside resistance above at 111.80, 112.40 and 112.90 levels.
Trend overall looking slightly bearish at the moment.

The yen gained strength early in Asia on Friday ahead of a busy data day in Japan and with China manufacturing scheduled for release.

USD/JPY changed hands at 111.78, down 0.13%, while AUD/USD traded at 0.7650, up 0.12%.

On the slate in Japan, household spending for February is seen down 1.7% year-on-year. Also on the list, national core CPI is expected up 0.2% for February year-on-year, while unemployment is seen flat at 3.0%. Provisional industrial production for February is expected up 1.2%.

Later, Australia reports private sector credit for February with a 0.5% gain expected month-on-month. Then comes the semi-official China manufacturing PMI for March seen at 51.6 as well as the non-manufacturing PMI, reported at 54.2 in February.

Overnight, the dollar rose against a basket of major currencies on Thursday, after a flurry of bullish comments from Federal Reserve officials offset news that the Trump administration is studying ways to penalize currency manipulators.

Fed President John Williams, tapered some of his bullish rhetoric on the U.S. economy, after he said even though the economy shows “consistent” and “encouraging” signs, “housing still isn’t quite back

Meanwhile, sterling held firm a day after Prime Minister Theresa May triggered Article 50.

The yen trended slightly weaker in Asia on Wednesday as a medium-range ballistic missile test by North Korea ahead of a summit between U.S. President Donald Trump and Chinese President Xi Jinping this week rattled nerves, but not markets and investors looked ahead to U.s. jobs data to set the tone.

USD/JPY changed hands at 110.78, up 0.03%, while AUD/USD traded at 0.7571, up 0.08%.

Overnight, the dollar traded higher against a basket of major currencies on Tuesday, after the release of upbeat U.S. trade data, while investors shifted focus to the Trump-Xi meeting.

In what was a quiet day for top-tier economic data releases, investors welcomed bullish trade data, showing that the U.S. trade deficit narrowed by more than expected in February.

The Commerce Department said Tuesday, the trade deficit shrank by 9.6% to $43.6 billion, while January's trade deficit was revised down to $48.2 billion from $48.5 billion.

Economists had forecast the trade gap contracting to $44.8 billion in February.

Meanwhile, a bout of uncertainty crept into markets, as investors fret over the impact on U.S.- China trade relations, should the meeting on Thursday prove unproductive.

Trump warned last week, the meeting will be "very difficult", given the many economic and security issues that divide the U.S. and China.

The pair continues to hold on to its downside pressure closing lower on Wednesday and opening the door for more declines. On the downside, support comes in at the 111.50 level where a break if seen will aim at the 111.00 level. A cut through here will turn focus to the 110.50 level and possibly lower towards the 110.00 level. On the upside, resistance resides at the 112.50 level. Further out, we envisage a possible move towards the 112.00 level. Further out, resistance resides at the 111.50 level with a turn above here aiming at the 111.00 level. On the whole, USDJPY looks to pullback further in the days ahead.

I have opened a buy trade on the level 108.60, 2 days earlier! Here my initial target is 111.30; and my 2nd TP position is around 113.34! According to my observation now we are in a range between 114 to 108! In addition, until breaking this level I’ll go for both buy and sell trade in the support & resistance.

We've got a bullish "Hammer", which hasn't been confirmed yet. So, the price is likely going to test the closest support once again. Nevertheless, bulls will probably try to reach the 55 Moving Average afterwards.

All the Moving Averages are acting as resistance. Also, there's a confirmed bullish "Harami", so we could have a local decline. At the same time, there's an opportunity to have a new local high afterwards.